NICK EDWARDS ON THE RENTAL MARKET “side-valuation-button"

25 Jul 2016

NICK EDWARDS ON THE RENTAL MARKET

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The media has been full of headlines referring to the housing market since the EU referendum result but industry professionals remain positive about the short to medium term prospects for the private rental market. Both ARLA and the NLA have welcomed the Bank of England’s reassurance that they have contingency plans in place to ensure the country’s financial stability. It is also worth bearing in mind that the negotiations to leave the EU are going to take at least two years to complete and to try to guess what will transpire beyond that is like trying to predict the lottery; we simply don’t know.

History has shown us that the UK housing market is remarkably robust in the long-term. Should the residential sales market see a drop-off in activity in the short-term, then it is very likely that landlords will see an increase in tenant demand as would-be buyers take the “let’s wait and see what happens to house prices” approach.

Renting a property offers a solution for a large proportion of the population i.e. moving to a new area to start a new job, separation/divorce, moving out from the family home for the first time, affordability in saving for a deposit for a first home, etc. These scenarios are not going to suddenly change and therefore, the private rental sector will continue to meet the needs of changing lifestyles as it offers a flexible form of tenure that suits the requirements of many people.

Businesses and markets do not like uncertainty and the lettings market is no different but people are always going to need a home. The supply of new homes being built is nowhere near meeting demand meaning that the requirement for private rental property is not going to peter out any time soon.

How's the rental market performing locally?

We have seen a slight fall in new investors since the new Stamp Duty tax on second properties came into play, but savvy investors are still finding the right properties to buy which return a good yield.

I believe we will continue to see an increased interest from people wishing to move out of London. July to September is the busiest season in the rental market and it’s normal to see an increase in applicants registering as people look to move before the start of the school year.

The number of tenancies we are renewing is at a record high of 82% each month and on average, we are securing 3% rent increases annually on behalf of our landlords. Now is as good time as any to become a landlord!

With 25 years’ experience in the local property market, we are committed to helping you move. If you are thinking of considering renting your property, or if you are simply seeking some advice, we would love to help. Contact the team at your local branch or pop along and speak to one of our property experts in person.

We look forward to speaking to you.





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